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From Phil Soos via Twitter comes the below update on household debt loads as at Q42015:
Congratulations Australia, you have now overtaken Switzerland and Denmark as the most indebted household sector in the world.
And despite record low mortgage rates, Australia’s mortgage slaves are still sacrificing a higher share of their income to pay mortgage interest (let alone principal) than when mortgage rates peaked in 1989-90:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.